The European Union’s proposed 20th sanctions package against Russia, which includes a ban on maritime services for transporting Russian oil and petroleum products, has encountered resistance from Greece and Malta. These two nations have expressed their disagreement with the proposed Full Maritime Service Ban, a key component of the sanctions aimed at reducing Russia’s oil revenue.
Vladyslav Vlasuk, an advisor to the Ukrainian president on sanctions policy, commented on the situation during a televised briefing on February 21. He noted that both Greece and Malta had previously shown support for the sanctions, making their current opposition somewhat unexpected. Vlasuk stated, “It is quite strange, as at the beginning of January, it seemed that everyone, including Greece and Malta, was in agreement. Now, they appear to be engaging in political maneuvering and are reluctant to support this provision in the sanctions package.”
According to Vlasuk, the proposed ban could potentially deprive Russia of at least $17 billion in oil revenue by the end of 2026. He also highlighted that last year, Russia lost approximately $24 billion in oil exports due to existing sanctions.
The EU was unable to reach a consensus on the sanctions package during discussions on February 20. A follow-up meeting is scheduled for February 25, with an earlier gathering of EU foreign ministers planned for February 23, where the issue will be revisited.
The 20th sanctions package, proposed by the European Commission on February 6, is designed to target Russia’s energy sector, banking system, and trade practices. The aim is to further diminish Russia’s oil revenues and complicate its ability to circumvent sanctions through shadow fleets and cryptocurrency.
In the energy sector, the proposed measures include a comprehensive ban on maritime services for the transport of Russian crude oil. This ban is expected to significantly impact Russia’s energy income and hinder its search for buyers. The implementation of these measures is anticipated to occur in coordination with G7 partners following a formal decision.
Additionally, the EU plans to expand sanctions against shadow fleets by adding 43 vessels to the existing list, bringing the total number of affected ships to 640. A full ban on maintenance and other services for LNG tankers and icebreakers is also being introduced, which is expected to adversely affect Russian gas export projects and complement existing restrictions on liquefied gas imports.
The second block of measures focuses on Russia’s financial system. The sanctions list is set to include 20 regional banks, along with restrictions on the use of cryptocurrencies, platforms, and companies that facilitate the circumvention of sanctions. Banks from third countries that assist in the trade of sanctioned goods may also be subjected to these restrictions.
The EU's 20th sanctions package against Russia, aimed at curbing oil revenues, faces opposition from Greece and Malta, complicating the approval process. The proposed measures include a maritime service ban and expanded restrictions on shadow fleets and financial institutions.